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Explain how to record transactions by cost method

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Reference no: EM132712640

Ellison Company's balance sheet reports the following:

Common stock, $20 par $3,000,000

Paid-in capital in excess of par 1,050,000

Retained earnings 750,000

Problem 1: Explain how to record transactions by cost method.

(a) Bought 12,000 shares of its common stock at $29 a share.

(b) Sold 6,000 treasury shares at $30 a share.

(c) Sold 3,000 shares of treasury stock at $26 a share.

Reference no: EM132712640

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